What is the difference between financial planning and financial advice?

Introduction

At the heart of financial advice is a product or service. It is generally centred around the product, and may be for a specific purpose such as making a will or buying insurance. Advice can also relate to investments like shares or bonds and often includes various products that have been preselected by an adviser.

Financial planning focuses on helping you achieve your goals and meet your objectives, which may involve spending less than you earn but could also include saving for something specific like your children’s education or retirement. Your adviser will take time to understand what is most important and help you create strategies to achieve those objectives in order to give them peace of mind while they plan their finances long-term with peace of mind

Financial advice is about solving a specific problem or meeting a specific need, whereas financial planning is more like a holistic service that helps you achieve your goals.

Financial planning is about creating a plan that suits your needs, whereas financial advice is more about solving a specific problem or meeting a specific need.

Financial advice should be what’s best for the client.
The goal of financial planning is to help you achieve your goals, not just find solutions to problems.

Financial advice is generally centred around the product, while financial planning focuses on the client and their lifestyle.

Financial advice is generally centred around the product, while financial planning focuses on the client and their lifestyle. Financial advice is about solving a specific problem or meeting a specific need, whereas financial planning is more like a holistic service that helps you achieve your goals.

Financial planning can take many forms and doesn’t necessarily have to involve an adviser – it can be as simple as writing down your goals and prioritising what steps to take to achieve them; but it’s important to know that there are plenty of professionals out there who can help with this process if needed.

Financial advice should be what’s best for the client, however it doesn’t have to come from someone who can provide comprehensive financial advice like an adviser can.

Financial advice is information about how to manage your money. It can come from a friend or family member, the internet, books, magazines and newspapers. But it must be tailored to each individual’s circumstances and needs.

Financial advisers are professionals who offer financial advice that they have received certification in (e.g., Certificate III in Financial Services). They have passed an exam and gained experience within their industry sector which enables them to provide sound financial advice based on sound knowledge of the law and regulations governing the field as well as having first-hand experience with clients’ needs by providing ongoing service over time through regular contact with clients during which they monitor progress toward goals being met so that adjustments can be made where necessary.

An adviser will create an ongoing and long-lasting relationship with a client as they take them through the entire life cycle and help achieve all their goals.

Financial advice is a specific service that is provided by an adviser to help clients with certain things. It is usually financial planning in its most simplified form, and can be given by anyone who has been approved to sell investments or products.

Financial planning takes a holistic approach to clients, taking them through their entire life cycle and helping them achieve all their goals from day one.

If you ever want to get financial advice or just talk through simple tips on what you could do, there are plenty of free resources online that will help you out.

Conclusion

Ultimately the difference between financial advice and financial planning is that an adviser will create an ongoing and long-lasting relationship with a client as they take them through the entire life cycle and help achieve all their goals. Financial advice should be what’s best for the client, however it doesn’t have to come from someone who can provide comprehensive financial advice like an adviser can.